The Gamemasters' Guild of Waukegan can trace its roots to the Great Lakes Wargaming Society, which was started in early 1974. Over the years, the club continued to run and function, even while moving frequently through a variety of locations. In 1980, the Guild moved to Waukegan, Illinois, and became the Gamemasters' Guild of Waukegan. It is now the oldest gaming club in Lake County and one of the oldest in the nation. In 1991, the club became an educational subsidiary of Friends' Hobby and Computer. The Guild is currently run through member input to a board of directors which advises the trademark owner.

     The Guild mantained a presence at GenCon form 1981 through 1993, and in 1995. It did everything from running games toi managing the miniatures area. The Guild has also provided game testing resources to a number of companies and run a number of successful Gamefests in the club area. The Gamemasters' Guild of Waukegan has attempted to give as much to the hobby as it has received from the hobby.